Telus reports 3.6% revenue increase as COVID-19 batters telecoms

Telus Corp. reported revenue increased to $3.7 billion in the second quarter of 2020, a 3.6 per cent year over year.

However, the company’s net income of $315 million was 39.4 per cent lower than the same quarter in 2019.

“Telus achieved resilient financial and operational results in the second quarter, characterized by strong customer growth of over 141,000 net new additions, despite the challenges we faced in the quarter with respect to the COVID-19 pandemic,” Telus president and CEO Darren Entwistle said in the company’s earnings press release.

The pandemic has buffeted every part of the Canadian economy, but Telus is faring better than its rival Rogers Communications Inc., which reported earnings last week. Rogers reported revenue declines of 17 per cent and reduced net income of 53 per cent.

Rogers also reported a decline in their total number of wireless subscribers, compared to Telus which reported Friday that their total wireless subscriber base increased by 61,000 mobile phones.

Telus reported a 7.7 per cent decrease in operating revenue from wireless services, driven partly by lower overage fees and roaming charges, because people are staying home and avoiding travel. But the lost wireless revenue was offset by increased revenue in wireline internet services.

Financial Post

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